Thailand: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Thailand

The Thai synthetic rubber market soared to $X in 2021, rising by 86% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Synthetic rubber consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Synthetic Rubber Production in Thailand

In value terms, synthetic rubber production declined to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 152% against the previous year. Synthetic rubber production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Synthetic Rubber Exports

Exports from Thailand

Synthetic rubber exports from Thailand reduced sharply to X tons in 2021, declining by -22.7% on the previous year's figure. Over the period under review, exports, however, posted a significant increase. The pace of growth appeared the most rapid in 2015 when exports increased by 136% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020, and then contracted dramatically in the following year.

In value terms, synthetic rubber exports fell slightly to $X in 2021. In general, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 120% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for synthetic rubber exports from Thailand, accounting for a 88% share of total exports. Moreover, synthetic rubber exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +49.7%.

In value terms, China ($X) remains the key foreign market for synthetic rubber exports from Thailand, comprising 84% of total exports. The second position in the ranking was held by Malaysia ($X), with a 4.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China totaled +41.7%.

Export Prices by Country

The average synthetic rubber export price stood at $X per ton in 2021, jumping by 24% against the previous year. In general, the export price, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 an increase of 39%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (-0.7%).

Synthetic Rubber Imports

Imports into Thailand

In 2021, the amount of synthetic rubber imported into Thailand reached X tons, surging by 7.6% on 2020. The total import volume increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when imports increased by 16%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, synthetic rubber imports surged to $X in 2021. Over the period under review, total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

South Korea (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) were the main suppliers of synthetic rubber imports to Thailand, with a combined 57% share of total imports. China, the United States, Singapore, Malaysia, Russia and Belgium lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +59.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the largest synthetic rubber suppliers to Thailand, with a combined 58% share of total imports. China, the United States, Singapore, Malaysia, Russia and Belgium lagged somewhat behind, together comprising a further 30%.

Singapore, with a CAGR of +58.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic rubber import price stood at $X per ton in 2021, picking up by 41% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable downturn. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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